When you owe back taxes and can’t afford to make any payments, then it may be time for a special tax status known as currently not collectible. This means that your debt is still considered valid even though there is no chance at recovery right now. When you’re...
Broomfield, we are now offering tax returns! It’s the beginning of a new year and with it, comes tax season. Here at Reliance Tax Group, we know that preparing and filing returns can be stressful and time-consuming. That’s where we come in! We’re here to ensure that...
The Fresh Start Program is a way the IRS helps taxpayers tackle their outstanding tax debt. This program has been available since 2011, with more refinements made over time. Overall, the program represents important changes in how the IRS evaluates and processes...
Reliance Tax Group
11001 West 120th Ave Ste 400
Broomfield, CO 80021
Net Disposable Income (NDI)
The amount of money that taxpayers
have available after income taxes and
allowable monthly expenses have been
Collections Due Process Hearing (CDP)
You have 30 days from the date of the Federal Tax Lein Notice to request for a hearing
A taxpayer may deduct a loss for a personal casualty loss. A casualty loss is sudden and unexpected, and may include a theft loss as well.
Failure to File (FTF)
The IRS charges a penalty for not filing on time of 5% of the unpaid tax for the first 5 months. This penalty maxes out at 25%.
Failure to Pay (FTP)
The IRS charges a penalty for failing to pay your taxes on time. This penalty ranges from .5% to 1% per month until the taxes are paid.
Collections Statute Expiration Date. The IRS has 10 years to collect unpaid taxes from the date of assessment.